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BHP Billiton Says Production Ramp Up Not a Faulty Decision
Feb. 23, 2015 07:24AM PST
Base Metals Investing Australian Mining reported that Andrew Mackenzie of BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP) has denied that the company has employed a flawed strategy in ramping up iron ore production.
Australian Mining reported that Andrew Mackenzie of BHP Billiton Ltd. (ASX:BHP,LSE:BLT,NYSE:BHP) has denied that the company has employed a flawed strategy in ramping up iron ore production.
As quoted in the market news:
By 2017 the miner’s annual iron ore output will increase to 275 million tonnes.
But with price of iron ore dropping by close to 50 per cent last year, the company has come under attack from West Australian Premier Colin Barnett over how it runs its business.
Mackenzie stated:
I strongly believe that the world will be best served by a sustainable supply of commodities at a fair price, and that capital resources should be directed towards the most efficient sources of that production in a manner that the world gets them as cheaply as possible, in terms of cost, and with the greatest environmental performance and the smallest environmental footprint.